Word: leblanc
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Dates: during 1950-1959
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POLITICAL NOTES $250,000 on the Bed Dudley J. LeBlanc, who peddled patent medicine (Hadacol) with a sideshow of dancing girls and other razzle-dazzle, is now selling Dudley J. LeBlanc with some of the same techniques. Last week, LeBlanc, a Louisiana state senator, and Lieutenant Governor William J. Dodd, both candidates for the Democratic nomination for governor of Louisiana, talked about forming a combined ticket. One would run for governor, the other for lieutenant governor. The Hadacol baron, who had just sold his business for $8,200,000,* proposed that each put up $250,000 to finance the campaign...
...conference hour, a delegation of Dodd supporters headed by New Orleans Criminal Sheriff John J. Grosch filed into the LeBlanc suite in a New Orleans hotel. Asked Dudley: "Where's Dodd? And where is Dodd's money?" Sheriff Grosch stepped forward and said that any merger would depend on the lineup: Dodd would run for governor; LeBlanc would have to play second fiddle...
...LeBlanc promptly called off the conference, and called in reporters. "Me, I'm running for governor and I'm not stepping down," he said. Then he kicked aside his bedroom slippers and picked up a black satchel. He clumped the contents on the bed, big bundles of currency in $50, $100 and $1,000 bills. There, he said, was his $250,000. "And that's not all," he beamed, "I've got $100,000 in my wallet...
Last week, as Hadacol's super-colossal show marched through the Carolinas (with Jack Dempsey biffing Stooge Candy Candido as part of the act), Dudley LeBlanc announced that he had sold Hadacol lock, stock & bottle for $8.2 million. The buyer was a tax-free medical-research foundation in Manhattan that few doctors had ever heard of. Its name: the Tobey Maltz Memorial Foundation. Backed by four unidentified eastern businessmen, the foundation paid $1,100,000 in cash for a down payment, will pay the balance in ten to 15 years. The foundation is privately financed by Dr. Maxwell Maltz...
...Maltz Foundation gets all of LeBlanc's 85,470 shares of capital stock, will license the four backers (formed into a new LeBlanc Corp.) to sell Hadacol. It will get a big slice of the company's profits, which, Maltz says, will go for medical research. LeBlanc was willing to sell for the tax advantages. Instead of paying high income taxes on company profits, he will pay only a 25% long-term capital-gains tax on the sale profit, and "make as much on this deal as I could have with Hadacol in 40 years." LeBlanc had another...